NG traded in a small range last week, ending the week with a doji. The next couple of weeks could give more clue to the direction as it is still at the lower trend line of the ascending channel.
It is now above the neckline of the inverse HS and there is a gap below. It could close the gap below next week or some time in the future. Above the high of this week would be bullish and the trend might continue.
From the 4hr TF, we could see a double top, though it is made up of 2 different contract during roll over. Could this be a sign of a short term down trend?
From the monthly TF, we can see that NG is still in a small trading range and with BB slowly expanding, some big move, possibly up is coming.
Daily support/resistance on 29th May: 3.294, 3.291
Weekly support/resistance from 29th May - 2nd Jun: 3.241, 3.277 (NGN7: 3.308,3.334; NGQ7: 3.344, 3.372)
Monthly support/resistance for Jun: 3.135, 3.246 (NGN7: 3.148, 3.284)
Monthly support/resistance for May: 3.241, 3.185 (NGM7: 3.271, 3.274 )
Monthly support/resistance for Apr: 3.125, 2.992 (NGK7: 3.143, 3.045 )
2017 Yearly support/resistance: 3.415, 2.757
It is now above the neckline of the inverse HS and there is a gap below. It could close the gap below next week or some time in the future. Above the high of this week would be bullish and the trend might continue.
From the 4hr TF, we could see a double top, though it is made up of 2 different contract during roll over. Could this be a sign of a short term down trend?
Daily support/resistance on 29th May: 3.294, 3.291
Weekly support/resistance from 29th May - 2nd Jun: 3.241, 3.277 (NGN7: 3.308,3.334; NGQ7: 3.344, 3.372)
Monthly support/resistance for Jun: 3.135, 3.246 (NGN7: 3.148, 3.284)
Monthly support/resistance for May: 3.241, 3.185 (NGM7: 3.271, 3.274 )
Monthly support/resistance for Apr: 3.125, 2.992 (NGK7: 3.143, 3.045 )
2017 Yearly support/resistance: 3.415, 2.757
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